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Startup Business Problems Can Be Overcome Says Young Entrepreneur

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Toh-Lao Co-working Space (TCS) is looking forward to finding ways to overcome any difficulties faced by startups to drive growth opportunities for local businesses, according to an official.Speaking at the Lao Startup and Entrepreneurs Forum on Tuesday, Founder of TCS, Ms Souphaphone Chanthavong said presently the nation’s startup businesses faced several difficulties and growth in the sector was still slow.

While there are only a small number of startups in the nation, there are numerous success stories helping to boost economic and social development.

She said TCS recently conducted a survey which highlighted the slow growth comparative to neighbouring countries along with skill gaps, limited access to finance, and especially lack of laws and policies to encourage entrepreneurs.

Ms Souphaphone explained her organisation was promoting startups to all stakeholders through the media which would raise awareness about entrepreneurship by means of communication and education.

Startup capacity development through mentoring, coaching sessions and training is also being promoted with invited professionals and experts to give talks.

TCS is currently building more startup community infrastructure allowing business people to share services and networking spaces for entrepreneurs, investors, incubators and accelerators.

Frequent networking events for startups are also planned throughout the country and region.

TCS is encouraging startup businesses to engage with the government through Lao National Chamber of Commerce and Industry regarding the creation of laws and regulations that support them.

The organisation is now working in cooperation with partners such Mekong Biz, Lotus Fund, Tiger mekong, Australian Aid and Asian Development Bank through the Mekong Business Initiative.

The initiative will provide consultants for entrepreneurs in Mekong countries including Laos to assist their startup businesses to access finance sources.

This will lead to Lao startups seeking further opportunities to cooperate with other investors to boost their business.

Source: Vientiane Times